From CC: In the meantime, as we said, we are complaint to the European Union because we feel that this is a big delay here from the state, and it's simply not acceptable by us. So I sent the letter to commissioner Breton, who initiated an internal discussion within the European Commission with DG growth and DG internal market industry and SME.
These are policy departments, the directional general. And there, what we got back is that despite that within the holiday month, the European union will work very close to the Greek authorities, to be able to inform us and us inform you the shareholders that the project we received the foreseen public funds. So I think where in the last stages. And there, as you know, we have very big delays with interaction with other European partners. Of course, we have suffered, we believe a big loss in our valuation because of all of that.
So this thing needs to be resolved as soon as possible. The Europeans understand that this is a project of common European interest. It's not Greece only, not Italy for - then oral let's say, it's not transfer McAfee. So I think the Europeans were push very hard on this. Now we received on August 4, a letter by the Deputy Minister of Economy and Finance from Greece, Mr. [indiscernible] and respond to my letter to him on July 25. And basically, the idea is, and I will go over later in a bit - the idea is that the Greek state is examining and planning ways to implement actions and to strengthen the initiatives that will contribute to the transition, the productive and growth model of the great economy towards climate neutrality.
Parameters for the plan and such actions include implemented projects at specific times, the viability of the completed proposal plans as well as compliance with regulatory obligations and guidelines regarding the management of European funds. The Greek state is kind of reviewing funding for IPCEI program and we'll provide further updates at the appropriate time. So the delay is solely with the Greek state, and we expect this to be resolved very, very soon.
